This dissertation discusses three issues. First, we provide a thorough survey of political connections in the essay “A Survey of Political Connection Literature.” Then two empirical studies on political connections are presented in the following two essays, “Do Political Preferences Affect Investor Trading Behavior and Market Reaction?” and “The Relationship between Ownership Structure and the Value of Political Connections: Evidence from the Taiwanese Presidential Election and Global Financial Crisis of 2008,” respectively. Last, we present the conclusions in the final chapter. From the survey in the first essay, the impacts of political connections on firm value and corporate finance issues are discussed. A number of recent studies have found that political connections create value for firms when these connections are considered beneficial. Thus, in the second essay, we are motivated to investigate what kind of stock market investors would take such advantages that increase the value of their portfolio. We are also motivated by the argument in the literature that the officials’ rent-seeking behavior to establish political connections may bear some costs for the firms. Then, in the third essay, we address the question whether the value of political connections is associated with the firms’ managerial ownership structure. We organize our three essays into Chapters 2 to 4, respectively, and we briefly describe these issues below. Chapter 2 provides the theoretical and empirical background of this dissertation. We survey extant research on political connections, with special attention to its importance on corporate finance. First we discuss whether and how political connections affect firm value. Then we turn to the channel through which political connections affect firm value. For instance, political connections help firms obtain more external funds with lower costs, which results in a decline in the required rate of return and an increase in the market value. Studies that discuss the characteristics of politically connected firms are also surveyed in this essay. In Chapter 3, the essay discusses whether or not political preferences bring value to a firm. We approach the issue by checking the share trading and stock returns of politically connected firms during the 2008 Taiwanese Presidential Election. In particular, we classify investors into sophisticated and non-sophisticated investors. The political preference hypothesis is proposed to explore whether the trading behavior of the two types of investors shifts when their favorite political party loses or wins during a Presidential Election. First, a sophisticated investor holds more shares in the firm connected with the winning political party, but has fewer shares in the losing party. However, this may not hold for non-sophisticated investors. Second, firms connected with the winning party exhibit positive stock returns, whereas firms connected with the losing party do not experience the same success. Finally, the increment shares of sophisticated investors in firms connected with the winning party are positively correlated with the stock returns around the time of the election. Specifically, sophisticated investors invest more on firms connected with the winning party, thus obtaining more abnormal returns. However, the results may not hold for non-sophisticated investors. Consequently, foreign investors are found to be sophisticated investors and political preference brings market value to this kind of investors. In Chapter 4, the essay examines the relationship between ownership structure and the value of political connections. We address this issue with the data of Taiwanese publicly-traded firms during the 2008 Taiwanese Presidential Election and the 2008 global financial crisis. First, following the literature, the value of political connections is examined through the positive abnormal stock returns of the winning-party-connected firms during the election. Then we find a negative relationship between the value of political connections and the deviation of management group’s control rights from cash flow rights. Second, using the collapse of Lehman Brothers as an exogenous shock to control for the overall decline in investment opportunity, we find that politically connected firms with managers possessing more excess control rights underperformed in stock returns than firms without such potentially entrenched managers. Thus, studies that do not consider the inverse impacts of potential expropriation tend to present an incomplete picture of the value of political connections.

University of Macau / Faculty of Law

University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration

從企業績效來看，在需持續創新、風險與產業技術複雜性較高的電子業，家族企業若聘用專業經理人經營，企業績效較差，反之，在產業技術變化性與風險較低的傳統產業，家族企業聘用專業經理人經營，反而企業績效較佳，這顯示，在面臨高度風險的環境時，家族企業中經營權與所有權的分離才會導致代理問題。同樣地，在電子業中，家族企業的控制權與所有權分離程度越高，企業績效越差，反之，在傳統產業中，家族企業控制權與所有權分離程度越高，企業績效反而越佳。這個結果顯示，在需持續創新、風險與產業技術複雜性較高的產業中，家族企業必須同時面臨兩種代理問題。 從企業對創新這類風險性投資的策略來看，本論文的研究結果顯示，經營權與所有權合一，企業所有者有能力及意願監督經營者，這將有助於企業投入較多的創新。反之，在控制權與所有權分離的情況下，因為投資的大部分是其他人的錢，企業的最終控制者能將創新的風險分散給外部股東，而較有意願投入創新。而家族控制者本身，因其規避風險的特質，而對上述兩類對創新有正向影響的治理機制有負向的調節效果（moderate）。但對家族成員而言，創新有助於企業的長期競爭優勢為了家族的永續發展，在經營企業上應該會採取長遠觀點（long-term perspective），而有意願投入創新，為了解開這個難題，本研究進一步將創新分為利用型創新（exploitative innovation）及開創型創新（explorative innovation）兩類，分析結果發現，家族企業雖然投入創新的數目較少，但在比例上有較多是較開創的創新，這個結果顯示，家族企業雖然害怕風險，但相對於非家族企業仍較具有長期經營的觀點並較具開創性。 / This dissertation concerns the effects of different governance structures on firms’ performance and innovativeness in business groups. In the first study, the ambivalent needs of control and growth of family firms in business group are explored. This study finds that in general, the excess control rights and controlling shareholdings will increase firms’ performance. In addition, family firms with such control structures will perform better in non-electronic industry while worse in electronic industry. Lastly, active control, namely family members control management and chairman at the same time, will perform better in electronic industry while worse in non-electronic industry. The second study focuses on comparing family and non-family group affiliated firms’ incentives to do innovations in different governance structures. Adopting behavior agent model, we propose that although family group affiliated firms are less innovativeness than non-family group affiliated firms in general, they have larger share of exploratory innovation than non-family firms. The empirical results support our hypotheses. However, in contrast to traditional agency perspective, the separations between ownership and control rights facilitate firms’ innovativeness. This finding may originate in pyramid ownership structure.

早期農業係臺灣社會經濟發展之基石，各相關農業政策皆以糧食增產為主要目標，後因後期臺灣經濟由農業為主漸漸轉向以工業為主，故在時代變遷下，過去多數文獻指出第一次農地改革強調以「所有權」為中心，成功達到農業生產增加目的，以及Arthur Young之名言「荒漠變花園」，認為「所有權」是激勵農民生產之誘因，在現今都市化擴張及工商業發展的社會背景下，是否仍為當前農地政策之主要思維？實有重新探討之必要。爰此，本研究為探討臺灣農地利用是否仍需存有「所有權」之迷思，嘗試釐清在時代變遷下，農民是否須擁有農地所有權才能激勵農民從事農地利用？或只要能保障農民之投入成本能於未來收益相符，即便是透過使用權方式承租農地亦能激勵農民從事利用？並期能透過財產權觀點分析現行農地利用政策，提供未來農地政策研擬修訂之重要參考依據。 基此，本研究首先整理過去相關文獻及政府統計資料，在此基礎上釐清過去涉及地權政策之農地改革變遷過程，以及臺灣農地利用現況問題，藉以建立後續分析架構。其次，針對宜蘭縣三星鄉農民進行問卷調查，以釐清農民在從事農作過程中，擁有農地所有權對農民之影響情形，並瞭解農民透過購買或承租方式擴大農場經營規模之考量為何。最後，為深入分析及探究問卷調查結果之背後影響因素，本研究再針對中央及地方政府機關行政人員進行訪談，據以進行綜合分析。透過此研究脈絡之探討，本研究獲得之重要發現與結論，茲分述如下。 一、本研究透過實證分析得知，農民擁有農地所有權雖會對農地利用有正面影響，但不必然會直接激勵農民從事農作，仍需視當時的社會制度下，何種行為能夠激勵農民達到行為目標（增加所得），即具有激勵效果。而農民擁有農地使用權，亦能提高從事農地利用意願、激勵努力從事農業生產及維護農地環境，惟因使用權具有期限，故相較於農民擁有農地所有權，在提高農地改良投資及對長期從事農作有幫助兩方面，較無法激勵農民。因此，本研究結論指出過去以所有權為中心之農地政策，因社會變遷結果，不必然須再以所有權為中心，亦能具有激勵農民從事農作生產之效果。 二、依據本研究分析及推論，第一次農地改革之成功，應不能僅歸於創設所有權，而是因為透過政策實施重新界定財產權範圍，並建置財產權之權利及義務關係，故使農民投入之成本與未來收益能相符，願意投入更多的勞力從事農作，進而激勵農民願意努力從事農業生產，而建立第一次農地改革成功基礎。以此觀點亦能說明，第二次農地改革後，即便農民擁有農地所有權，惟因從事農作收益不佳，農民投入之成本於未來並無法充分回收時，則會變相導致農民任其休耕、閒置、消極利用，或是觀望日後農地變更之增值。因此，所有權並非能直接激勵農民從事農地利用，即便農民係透過承租方式擴大農場經營規模，只要能保障農民投入成本能與未來獲得收益相符，皆可激勵農民努力從事農作。 三、經本研究調查發現，由於目前購買農地價格太高，且農民擁有農地所有權與使用權對農地利用激勵效果相似，因此在資金條件不足情況下，透過承租方式取得農地，可減輕農民在資金負擔方面的壓力，實為未來主要擴大農場經營規模之方式。而目前政府所推動之小地主大佃農政策，雖係以承租方式擴大農場經營規模，且施行迄今頗具績效，然其政策績效似有成長趨緩之趨勢，故本研究針對小地主大佃農政策績效成長趨緩之原因進行分析，發現主要因地主願意出租之農地多已經初步釋出、三七五減租政策之持續影響、農民健康保險資格影響農地整合活化、缺乏地緣關係難透過承租農地擴大農場經營規模及特殊農業經營傾向以購買農地擴大農場經營規模等五項原因，可能影響該政策績效有趨緩成長之勢。故本研究基於研究觀察及發現，據以研提五項政策修正建議，包括：1.由於農地多已初步釋出，故應開始從農地規模化轉而思考農地集中化，不再僅追求量的成長；2.透過農地管理中心整合目前委託經營、口頭租約、代耕之擴大農場經營規模方式，不僅以書面契約為必要條件；3.調整農民健康保險之資格條件，不必然以擁有或承租一定農地面積以上為審查必要條件；4.透過現有大佃農師徒學習或是參與學習方式，引領新農民獲得當地農村信任感，順利承租農地；5.獎勵地主及承租人雙方簽訂長期農地租賃契約，以刺激承租人規劃及思考更長期之農地利用等，可供作為政府機關未來進行相關政策修訂及調整之參考依據。

主要目的在探討目前我國徵收不動產之扣失補償估價方法有何利弊得失，並研究外國 （尤其是日本）之各種損失補償估價方法，據以研擬合理之損失補償估價基準。 第一章：共分二節，敘述本文研究動機、研究目的、研究內容及研究方法。 第二章：共分四節，首先簡述徵收之一般情況，次闡述徵收損失補償之法律基礎與性 質，並評述我國現行之徵收損失補償標準。 第三章：共分六節，以土地所有權及他項權利、建築改良物、農作改良物、營業等損 失，改葬祭祀費用與共他通常所生之損失等為範圍，探討徵收損失補償應包含之項目 及其合理之估價基準。 第四章：共分十節，研擬徵收市地農地、建築物暨其基地、林地與立木、魚　、墳墓 、他項權利、農作物、工業用地等補償之估價方法，以供作徵收損失補償立法及執行 上之參考。 第五章：結論。

本研究旨在探討以英語為國際語 (English as an International Language) 之理論將如何影響高中英語教師之教學信念的想法(reflection)與改變(transition)。本研究探討的主要議題，包含了英語的所有權(ownership)、英語標準(standard)與英語的相互理解(intelligibility)，教師對個人形象(self-image)與個人認知(identity)，以及英語發音教學等議題。 本研究的研究對象為三位高中英語教師，採質性研究進行資料收集，包含一次訪談、兩次讀書會研討以及一份問卷。首先，為要探討研究對象對以英語為國際語之理論的認知，採用訪談與問卷進行研究。之後，又進行了兩次讀書會研討，研究對象對其理論有更近一步認識以進行反思與討論，最後用同一份問卷比較研究對象的教學信念是否產生變化。 研究結果顯示研究對象的教學信念並沒有因為對其理論有更近一步的認識後而有所改變。然而，他們對其理論之議題的反思卻深化了對本研究之詮釋深度。在探討其理論之議題時，研究對象也清楚的說明了為何不能接受此理論之因素。 研究最後提出研究總結、教學之建議，及未來進一步研究可行之方向。 / This study investigates how the infusion of the EIL (English as an International Language) ideology might contribute to the transition of and the reflection from the English teachers in the senior high school. The targeted infusion includes several major issues in the EIL ideology: the ownership of English, the standard and the intelligibility of EIL, the self-image and identity issues, and the EIL phonology teaching beliefs. A qualitative research is conducted to collect data from three English teachers in a senior high school. One interview, two study group meetings and one questionnaire were utilized in the study. In the beginning, the interview and the questionnaire were applied so as to discover the subjects’ knowledge about the EIL ideology. The study group meetings later were held to serve as the infusion of the EIL ideology in the research. After the meetings, the same questionnaire was used again to demonstrate whether the transition occurred in the research. The results show that no obvious transition of the EIL ideology occurs before and after the infusion. However, the reflection of the three subjects provides richness and depth of interpretation for the study. In the discussion of the major issues of the EIL ideology, the subjects articulate factors of their low degree of acceptance of the EIL ideology in class. Lastly, summary of the study, pedagogical implications, and suggestions for further research are provided.

所有權結構、支付制度與競爭係影響醫院績效之關鍵因子，本研究援用相關文獻之發現，推論出三項因素對醫院績效之關係，並以我國獨特之總額預算制度為研究對象，蒐集、串連與合併不同來源之資料，實證檢視衝量競爭與所有權結構對醫院營運績效與醫療品質之聯合效果。 台灣於民國91年7月實施醫院總額預算制度後，浮動點值制度之設計為醫院間引入了衝量競爭(即虛假價格競爭)，而結算後之點值則係反映出醫院間衝量競爭後之結果，醫院除了需面對支付點值所致之財務衝擊外，尚須面對自全民健保實行後，備受醫院詬病之核減制度之衝擊，因此，本文首先嘗試估算醫院受到核減與支付點值所致之財務衝擊程度。無論是國外或國內之研究，對於不同所有權結構醫院之績效表現是否有差異性，一直無法獲得一致性之結論，除了納入營運效率之績效指標外，本研究亦採用疾病別與醫院層級別之醫療品質指標來檢視不同所有權結構醫院之績效表現。更以考量核減與支付點值所致之財務衝擊程度，取代目前文獻僅以總額前、後之二元變數，評估財務衝擊程度對營運效率、醫療品質與財務績效之影響。最後，則是檢視總額預算制度下，醫院受到之財務衝擊度是否會縮小不同所有權結構醫院之營運效率與醫療品質表現之差距。 實證研究發現，不同所有權結構醫院之營運效率並未有顯著差異，但不同所有權結構醫院在某些疾病別品質指標(子宮肌瘤切除手術之住院超過7日機率與再入院率)與醫院層級品質指標(院內感染率與淨死亡率)表現上則有差異性；且公立或非營利醫院受到核減與支付點值之財務衝擊高於私立醫院，因此不同所有權結構醫院之行為與績效存有某些差異性。台灣的醫院在總額預算制度下，若受到之財務衝擊程度愈大，其營運效率會變差、醫療品質也受到負面之影響、財團法人醫院之醫務利益率與稅後淨利率也會降低，但現金流量比則會增加，故財務衝擊愈大，醫院之績效愈低。若同時考量財務衝擊度對不同所有權結構醫院之營運效率與醫療品質之聯合效果後，可發現財務衝擊雖然不會縮小公立(或非營利)醫院與私立醫院營運效率之差距，卻縮小公立(或非營利)醫院與私立醫院醫療品質之差距，故以台灣資料可部分支持「不同所有權結構醫院績效差距縮小之因素係競爭力量之崛起」之論點。 / Hospital ownership, payment system and competition are all key drivers to influence hospital performance. This research infer and depict the association of these three drivers from the related literature and empirically examined the effects of fictitious price competition due to the floating point-value system and ownership on hospital operational performance and quality of care by combing and merging different sources of data. Deduction rate of claim and the floating point-value system are the two controversial debates to the payment system. I attempt to estimate hospital financial pressures as precipitated by deduction rate of claim and floating point-value system. To investigate whether for-profit, not-for-profit, and government hospitals differ in operating performance and quality of care, five diagnose-level and two hospital-level quality indicators are selected. Different from prior research, the financial pressure is captured by hospital data instead of a binary variable (pre and post global budget) and I examine the effect of financial pressure on hospital operational efficiency, quality of care and financial performance. Finally, we test whether differences in operational efficiency and quality care among hospitals with different ownership forms will mitigate or narrow, as hospital financial pressure increases. The results show that for-profit, not-for-profit and government hospitals are far more alike than different in operational efficiency, but ownership affects not only the rate of readmission and the rate of the length of stay larger than 7 days of uterine myomectomy, but also the hospital-level quality indicators: the rate of nosocomial infection and hospital mortality rate. I also find higher financial pressure incurred at government or not-for-profit hospitals than for-profits hospitals. Given my findings, we conclude that hospital ownership status affect performance in terms of quality of care and financial pressure from rate of deduction and float point-value system. The study shows that financial pressure adversely affects operational efficiency and quality of care. As not-for proprietary hospital financial pressure increases, the profit margin and net profit ratio will decrease, but the cash flow ratio will increase. Nonetheless, deduction rate of claim and global budget has a negative impact on hospital performance. This research further considers the joint effect of financial pressure on difference between quality of care and efficiency of for-profit hospitals and the other two types. My results indicate that hospital financial pressure mitigates the difference of quality of care between for-profit hospital and not-for profit (or government) hospitals, but does not narrow the difference in quality of care between for-profit hospital and not-for profit (or government) hospitals. This finding partly supports that increased competition should force not-for-profit (or governmental) hospitals to be increasingly similar to their for-profit counterparts.

University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration

自古鄰里相親敦親睦鄰，然而近年生活習慣與居住型態轉變，集合式公寓社區成為都市人們主要的住宅型態，人們與鄰里之間的互動日漸減少，以致於鄰里關係疏離。基此，本研究主旨在探討透過服務設計方法，改善都市集合式社區的住戶與鄰里之間的人際互動與溝通。 本研究以服務體驗工程方法論為研究方法，分三個階段進行研究。第一階段「服務體驗需求洞察研究」階段，透過深度訪談與參與觀察，挖掘社區住戶與鄰里主要有兩個接觸情境，即兩個不同的研究方向: (1)一為主動型住戶與鄰里往來而形成社區團購；(2)二為管委會與住戶的溝通與服務。比較兩個方向對社區的影響性後，擇第二個方向為本研究的研究方向。首先，採用人物誌分析出流程中三方使用者，包含住戶、管委會與總幹事，再以顧客旅程地圖發現三方溝通流程「管委會與住戶之間的溝通」及「住戶參與管委會的經驗」影響社區鄰里的互動關係，在流程的三部分中共發現16個問題與需求。 接著，第二階段進行「服務設計」，以普及至使用者中壯年齡層的智慧型手機為服務載具，設計社區社交平台「比鄰Belink App」，提供四項功能：「社區公告」、「提問求助」、「知識交流」與「委員會議」，改善住戶擔任委員參與管委會或是與管委會接觸的體驗。最後，第三階段「服務原型測試與評估」，邀請三方使用者以放聲思考法依照指定的情境使用「比鄰Belink App」，並填寫整體使用評估量表，再根據測試結果與意見回饋提出第二版設計，修改操作模式、介面按鈕的位置、顏色與形狀等等。 總結，研究成果為：（1）發現住戶與管委會在溝通流程三階段的16個問題與痛點；（2）了解中壯年齡層住戶的智慧型手機使用經驗；（3）提出符合使用需求的「比鄰Belink App」四大功能設計；（4）完成App使用性測試與可行性評估，使用者滿意提供的功能，三方使用者可更即時、公開與正向地進行溝通；但易用性方面雖具備可記憶性但易學性低，需修改設計。研究成果可作為日後相關研究參考。